December 22, 2015
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The Committee for Sydney today released a report providing a map to using value capture to better fund public transport. Focused on Sydney, the report also provides lessons for Australian State and Federal governments on how to deliver better transport infrastructure.
The issues paper identifies 3 key issues:
The paper identifies that our cities need significantly more public transport investment, even in Sydney where investment is at its highest for a generation, because we need to prepare not for a city of 4 million but that of 8 million by mid-century.
We can borrow more to fund this: it’s never been cheaper to do so and Australian public debt is low by global standards but there is little appetite at the moment for this. Because of this, we should ask the community to increase their contribution to infrastructure. While this can be achieved through increasing fares, there are easier methods of raising the needed revenue to fund operational costs.
Value capture regimes offer the best option to solving the funding conundrum. However, in order to do this, we need innovation to rebalance infrastructure provision – and we need community buy-in.
Value Capture is about ensuring that the community shares in the value uplift created by publicly funded infrastructure. The paper identifies the best model of value capture for Australia – focusing on models that will work for the Australian context.
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